IN A JOINT-VENTURE deal with Bavarian Auto Group, BMW re-opened its manufacturing plant Monday in its new facilities in Sixth of October City. The inauguration was attended by Egyptian Minister of Industry and Technological Development Ali El-Saiedi, Senior Vice-President of BMW Group Lueder Paysen, and other officials.
The new factory, which will produce the CDK line (Completely Knocked Down), is one of the most modern manufacturing plants in the region. The $60 million plant has brought a total $35 million into the country so far. Bavarian Auto Group says an additional $25 million will be invested in an up-to-date paint shop and a state-of-the-art infrastructure in terms of showrooms and service facilities.
"Today marks a very concrete statement of our confidence in the Egyptian economy and its unrestrained potential in the coming years," said Ulrich Urban, CEO of Bavarian Auto Group.
BMW's "Made in Egypt" line is intended to serve the entire Middle East region. "Our projected sales for 2004 is expected to reach over 1,500 units for various models of the three and five series, and is expected to reach more than 2,000 units for 2005," said Urban.
The factory opening hopefully marks the end of a difficult period for BMW Egypt, after the German automotive group suspended the license of former BMW importer Hossam Abul-Futouh, when the businessman was ordered to trial by the Financial and Commercial Affairs Court on allegations of customs evasions and bribery.
quote:Originally posted by mike rozier: thats a good deal...egypt needs jobs.
And is exactly what I was thinking when I posted the article.
massenburg was thinking about how could he ever obtain a BMW.
different strokes for different folks. But I am a non -fossil fuel person. Won't own a car until I can get my hands on a hybred or a hydrogen fuel cell vehicle.
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That's like telling a European or American to purchase a $600k car. Not so many Ferrari Enzo's in the US.
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quote:Originally posted by massenburg: That's like telling a European or American to purchase a $600k car. Not so many Ferrari Enzo's in the US.
Actually there are quite a few $600,000 cars, because the USA has the most multi-millionairs and billionairs than any other country in the world. And that isn't a good thing.
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Sorry, no link. Its published each Friday in Al-Ahram newspaper and every saturday in Ahbar el-Youm.
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the reason for these prices are the 249% tax add other than that the cars are very cheap
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